BP’s third-quarter profit falls sharply

Energy company BP’s profits fell sharply in the third quarter after the first two quarters of the year.

As a result, the company’s profit in the third quarter decreased by 60 percent compared to the same period last year, to $3.3 billion. The company’s profits in the first and second quarters of this year decreased by 20.6 and 70 percent, respectively, compared with the same period last year.

According to the company’s statement on its third quarter balance sheet, BP’s profit, which was $2.6 billion in the second quarter, increased to $3.3 billion in the third quarter, due to strong oil trading, high oil and gas production and increasing refining margins. Thus, the company’s profits increased by 27 percent in this period.

BP also announced it would buy back $1.5 billion worth of shares in the third quarter. The company’s $1.5 billion share buyback planned for the second quarter was completed on October 27.​​​​​​​​

THERE WAS A STRONG DECREASE COMPARED TO LAST YEAR

On the other hand, BP’s profit of $3.3 billion in the third quarter of the year decreased by 60 percent compared to profit of $8.1 billion in the same period last year.

BP obtained a profit of 10.8 billion dollars in the nine months of the year. The company’s profit in the same period of 2022 was $22.8 billion. (AA)